The case pertains to CA-140/ND/2019 filed in IB-446/ND/2017 by Mr. Dharmendra Kumar, the Resolution Professional, under the Insolvency and Bankruptcy Code, 2016, seeking appropriate orders. The Corporate Insolvency Resolution Process (CIRP) was initiated against IAP Company Pvt. Ltd. after an application under Section 9 of the IBC, 2016, was filed by Takkshill Enterprises (Operational Creditor) and admitted on 28.02.2018. Mr. Dharmendra Kumar was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional. The Committee of Creditors (CoC) meetings were conducted, and a resolution plan was put for discussion. However, 68.58% of the CoC members voted against the resolution plan, while 25.88% abstained, and only 5.54% voted in
…Mr. Dharmendra Kumar, the Resolution Professional, filed CA-140/ND/2019 in IB-446/ND/2017 under the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against IAP Company Pvt. Ltd. following an application under Section 9 of the IBC, 2016, by Takkshill Enterprises (Operational Creditor), which was admitted on 28.02.2018. Mr. Kumar was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional. The Committee of Creditors (CoC) convened meetings, during which a resolution plan was presented. However, the voting results revealed that 68.58% of the CoC members voted against the plan, 25.88% abstained, and only 5.54% voted in favor. The CoC advised revisiting the Corporate
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IB-446/ND…
Application under Section 9 of the Insolvency &…
The case pertains to CA-140/ND/2019 filed in IB-446/ND/2017 by Mr. Dharmendra Kumar, the Resolution Professional, under the Insolvency and Bankruptcy Code, 2016, seeking appropriate orders. The Corporate Insolvency Resolution Process (CIRP) was initiated against IAP Company Pvt. Ltd. after an application under Section 9 of the IBC, 2016, was filed by Takkshill Enterprises (Operational Creditor) and admitted on 28.02.2018. Mr. Dharmendra Kumar was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional. The Committee of Creditors (CoC) meetings were conducted, and a resolution plan was put for discussion. However, 68.58% of the CoC members voted against the resolution plan, while 25.88% abstained, and only 5.54% voted in
…Mr. Dharmendra Kumar, the Resolution Professional, filed CA-140/ND/2019 in IB-446/ND/2017 under the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against IAP Company Pvt. Ltd. following an application under Section 9 of the IBC, 2016, by Takkshill Enterprises (Operational Creditor), which was admitted on 28.02.2018. Mr. Kumar was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional. The Committee of Creditors (CoC) convened meetings, during which a resolution plan was presented. However, the voting results revealed that 68.58% of the CoC members voted against the plan, 25.88% abstained, and only 5.54% voted in favor. The CoC advised revisiting the Corporate
…IB-446/ND…
Application under Section 9 of the Insolvency &…